Multimillionaire cryptocurrency trader James Wynn has resumed trading with high-risk leveraged positions after suffering multiple liquidations in June. Wynn opened a 40x leveraged Bitcoin (BTC) long position worth $19.5 million at $117,000, which faces liquidation if BTC falls below $115,750. He has already paid $1.4 million in funding fees for this position, currently showing $78,000 in unrealized profit.
Simultaneously, Wynn initiated a 10x leveraged long position on Pepe (PEPE) valued at $102,000 at an entry price of $0.01201. Blockchain data indicates a liquidation price near $0.0114 for this memecoin bet, though PEPE recently dipped 3% before showing recovery signs.
This comeback follows Wynn's June losses where two separate $100 million Bitcoin positions were liquidated, costing him over $25 million. The trader previously accused market makers of deliberately targeting his positions, claiming in a June 2 social media post: "They're coming for me again... Don't let these evil bastards liquidate me." Despite this history, Wynn now asserts market makers are "out of gun powder" and considers current conditions optimal for leveraged longs.
Countering Wynn's bullish stance, trader Qwatio opened a $2.3 million 40x leveraged Bitcoin short position. Qwatio has suffered eight liquidations within a week totaling $12.5 million in losses.